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Airdrop and Meme start the process of revaluation of the on-chain value system
Projects' more complex token economics cover up the weak growth
Retail investors have been a little annoyed recently. First, RedStone has been twists and turns, but in the end, retail investors failed to block the attack. RedStone still went to Binance, and then GPS Pulling out the radish and bringing out the mud, Binance hit the market maker with a heavy blow, demonstrating the absolute strength of the Universe.
The story is not perfect. As VC coins gradually decline, value coins have become an excuse for project parties and VCs and market makers to ship, and urgently complete the trilogy of foundation establishment, airdrop plans online and market-making markets during the fluctuation period of each market.
Image description: Traditional and emerging value flow
It can be predicted that the BTCFi ecology such as Babylon and Bitlayer will repeat this process. You can review that the strange trend after the IP has nothing to do with the project performance, and is positively related to the crazy purchasing power of Koreans. It is not ruled out that the combined efforts of market makers, project parties and exchanges are not ruled out.
Because of this, Hyperliquid's route is indeed unique, with no investment, no big deal and no interest separation, reaching a balance between project parties and early users. All agreement revenue empowers their own tokens to meet the value preservation needs of the token buyer in the later stage.
From the performance of IP and Hyperliquid, the project party's own unity and empowerment will suppress the exchange and VC's bargaining and smashing chips.
Advance and retreat, as Binance pushes market makers to the forefront, its own actionsThe barriers to industry are collapsing rapidly.
Self-fulfilling prophecy, red stone appearanceIn my world, RedStone is buried deep in 16 layers of underground, and needs to be mined before grinding.
In the entire process of gold-mining, the exchange has become the ultimate destination of tokens with its absolute traffic effect and liquidity. In this process, both the exchange and the user are happy on the surface. The exchange obtains more currencies to attract users, and users can contact new assets and gain potential returns.
On this basis, the empowerment value of platform coins such as BNB/BGB can be superimposed to further consolidate its own industry position.
However, since 2021, with the participation of large European and American Crypto VCs, the initial valuation of the entire industry is too high. Taking the cross-chain bridge industry as an example, the valuation of LayerZero is worth US$3 billion, Wormhole is worth US$2.5 billion, Across Protocol is worth US$200 million in 2022, and Orbiter is worth US$200 million. The current FDV of the four projects is US$1.8 billion, US$950 million, US$230 million and US$180 million respectively.
Data source: RootData&CoinGeckoEvery Big Name endorsement effect added to the project is actually at the expense of retail investors.
From the VC currency storm that started in mid-2024, to the AMA of He Yi’s “Best Friends Coin Storm” in early 2025, the relationship between the exchange and VC is no longer maintained on the surface. The endorsement and the effect of the above-mentioned help are ridiculous under the Meme carnival. The only remaining function is to provide funds. Driven by the rate of return, investment in tokens has actually replaced investment in product.
At this point, Crypto VC is at a loss, Web2 VC fails to make a shot in DeepSeek, Web3 VC fails to make a shot in Hyperliquid, an era officially ends.
After the collapse of VC, the exchange only faces retail investors and only market makers act as a shelter, and users rush to the local dog on the chain, and market makers can only be responsible for the market making of the PumpFun after the internal trading runs out and the external trading runs out of the DEX, and a few of the tokens on the market. Of course, this article will not investigate the relationship between the on-chain business and the market makers, and we focus on the exchange.
The Meme coins at this time are priced at the same time as VC coins. If neither value coins are valuable, then air coins cannot be fairly priced based on air, and quick sucking and selling have become the common choice of all market makers.
When the entire process is rolled around by the industry, the one-year Speed Transmission Binance is not the original sin of market maker. The industry crisis is the only one that can be Speed Transmission. As the last link of liquidity, Binance can no longer discover the real long-termist tokens, and the industry crisis is born.
Binance can promote RedStone with illness this time, or just trial market makers, but after that, the industry will not change its existing model, and there are still high-priced tokens waiting for listing process.
Complexity and mega-scale means the end of Ethereum's L2, and all dApps will eventually become a chain.Token economics and airdrop solutions are becoming more and more complex, and the interlocking links from BTC as a Gas to ve(3,3) have long exceeded the understanding ability of ordinary users.
Sushiswap started by issuing token airdrops to Uniswap users to occupy the market, airdrops became an effective means of buying volume to stimulate early users. However, under Nansen's anti-witch review, airdrops have become a retained program for fighting wits and courage between professional hair-fighting studios and project parties, and the only ones excluded are ordinary users.
The Maolu Party wants tokens, the project party needs trading volume, the VC provides initial funds, the exchange needs new coins, and the retail investors bear all, leaving only the continuous decline and the incompetence of retail investors.
Turning to Meme is just the beginning, the real serious thing isRetail investors in the entire industry are re-estimating their own interests. If they are not trading on Binance, but on Bybit and Hyperliquid?
At present, the daily trading volume of on-chain contracts has reached 15% of Binance, of which Hyperliquid can account for 10% of Binance. This is not the end, but the real beginning of the on-chain process. Just so, DEX accounts for about 15% of CEX trading volume, while Uniswap accounts for about 6% of Binance, highlighting Solana DeFi's coming from behind.
Image description: On Chain DAUImage source: TokenenterminalBinance has 250 million users, Hyperliquid has only 400,000 active users, and Uniswap has 600,000 active users, and Solana has 3 million daily active users. We estimate the scale of the on-chain user base is 1 million, and it is still in the very early adoption stage.
But now not only are there more and more L2, but the token economics of dApp are also synchronously complex, which reflects the inability of project parties to balance their own interests and retail investors. If the promises of VCs and exchanges are introduced, the project will not be started, but if the interests of VCs and exchanges are accepted, the interests of retail investors will inevitably be transferred.
In the evolutionary process of biology, whether it is Darwin's theory of evolution or the probability measurement of molecular biologists, they point out a basic fact without exception. Once a certain creature becomes huge and has a superb shape, such as the Wind God Pterodes, it generally means entering the extinction cycle. Now, birds are ultimately occupying the sky.
ConclusionThe exchange cleans up the market makers' portals, which is essentially an erosion under the competitive landscape of stocks. Retail investors still have to face the encirclement of VCs and project parties. The situation will not fundamentally change. The transfer to the chain is still a historical itinerary in progress. As strong as Hyperliquid, it still has not made a good impact on billions of users.
The fluctuations in value and price, the game of interests and distribution will still move with each other in each cycle, forming a history of blood and tears for retail investors.
